South Korea is emerging as a pioneer in terms of cryptocurrencies and one of the key reasons behind it is the government’s support. And when a project receives express support form the government side that is deemed to have an obvious edge over the others. Joining in the government good books is ICON.
The Korean crypto team introduced their latest developments and their ties with the government, via a Medium post. To start off, the team emphasized the importance of government’s support in the budding South Korea’s crypto industry, which houses the world’s largest exchanges based with huge daily trade volumes.
The post also notes that leading traditional companies have shown interest in applying blockchain technology to optimize operations and to tokenize the existing business models. Recently, Bithumb has been taken over by another conglomerate and now all all major exchanges in Korea are now operated by large consortiums. This not just boasts consumer’s confidence in the ecosystem, it also enables extra layer of security.
ICON aims to serve these large corporations with blockchain solutions, it has already positioned itself as a leading platform in the country. The post stated:
“Hence, the business partnerships with companies like LINE (joint venture), Samsung Electronics, SK Planet, and Smilegate. All national leaders in their respective industries.”
Back in 2016, ICON has been a leading tech partner for a number of core government initiatives ranging from insurance to education industries. The platform also acquired a government funding from the Ministry of Creation and Science, and the Ministry of Science, ICT and Future Planning. ICON boasts a portfolio that seldom can claim. Just this July, ICONLOOP was selected to support national election development as the:
“blockchain technology consultant for ‘Building the Next Generation Election System based on Intelligence Information Technology’, launched by the Korea National Information Society Agency and supervised by Korea National Election Commission (NEC).”
The partnership entails development of a voting system and ballot counting system using blockchain technology. ICON is also involved with the government in their efforts of developing Jeju Island as a blockchain hub. The ICON Team recently held a discussion with the panel of local dignitaries for the same.
The government has also proposed a similar plan for Seoul and several meetings between politicians and industry specialists have been regularly happening to convert it into a major blockchain center. Just last month ICONLOOP was appointed as an operator of Seoul’s Standard Blockchain platform for the ‘Seoul Blockchain Demonstration Project,’ commissioned by the Seoul Metropolitan Government.
The list for ICON and South Korean government’s affiliation is quite long and seems to be ever increasing. While making a headway in the blockchain uses department, the native toke ICX of ICON has succumbed under the bear market and has stepped down market cap chart and is currently 34th with $265 million. Looking at the progression of the firm, it will be wise to predict that ICON token would eventually take a hike and if so, this might be the best time to stock up on the token.